\begin{table}[H]
\centering\centering
\caption{\label{tab: estimation - markdowns - pricegap}External markdowns vs. model-implied markdowns.}
\centering
\begin{tabular}[t]{lccc}
\toprule
\multicolumn{1}{c}{ } & \multicolumn{3}{c}{Dep. var.: log (external markdown)} \\
\cmidrule(l{3pt}r{3pt}){2-4}
  & (1) & (2) & (3)\\
\midrule
log (model-implied markdown) & 0.195*** & 0.171*** & 0.143***\\
 & (0.019) & (0.020) & (0.022)\\
log (distance to hub) & -0.014*** & -0.012*** & -0.003*\\
 & (0.002) & (0.002) & (0.002)\\
\midrule
Commodity fixed effects &  & $\checkmark$ & \\
Commodity-by-product fixed effects &  &  & $\checkmark$\\
Observations & 28810 & 28810 & 28810\\
\bottomrule
\end{tabular}
\end{table}
